This year has been nothing if not interesting for the world’s premier cryptocurrency, Bitcoin (BTC).
Along with massive price movements in the crypto market which saw BTC gain tens of thousands of dollars within months and hit a new all-time-high above $73,000, there have also been other major developments.
Early January saw the approval of the first-ever spot BTC exchange-traded funds (ETFs) in the U.S. and the subsequent brief but brutal crypto market wipe, as well as a massive sector-wide rally in later months.
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Bitcoin is set to reach yet another milestone in just over a month in the form of the upcoming halving event.
Given the previous halvings’ tendency to raise the price of BTC tenfold and sometimes even a hundredfold, there have been many price predictions for where the coin might stand before the event as well as bullish forecasts placing the cryptocurrency at $150,000 by the end of the year.
With this optimism in mind – as well as the March 19 crypto market bloodbath – Finbold decided to consult OpenAI’s flagship artificial intelligence (AI) platform, ChatGPT, on whether $100,000 is a credible price target for Bitcoin for the eve of the halving.
ChatGPT-4 estimates the likelihood of $100,000 BTC before the halving
When assessing a $100,000 price target for Bitcoin before the halving, ChatGPT’s most advanced model reflected on the impact of the halvings themselves, the institutional interest as highlighted by the BTC ETFs, the current market sentiment, as well as broader factors such as the global economy and technological advancements.
ChatGPT ultimately decided to describe the $100,000 target as “plausible” and concluded that there is approximately a 40% chance of Bitcoin hitting the price before the halving takes place.
When challenged on his assessment given BTC’s latest moves which saw it drop to approximately $63,000, the AI elected to stick with its previous assessment but explained that the latest bloodbath merely highlights the challenges of making short-term predictions in the crypto market.
Given that it only assigned a 40% chance of BTC hitting $100,000, ChatGPT-4 was also asked which target is considered the most credible. The AI responded that it assesses that $85,000 is the most credible if optimistic level and placed the likelihood at around 60%.
BTC price chart
While it is uncertain how Bitcoin will perform in the coming month, it had its fair share of triumphs and troubles in the last 30 days. Indeed, the time frame saw both BTC reach a new all-time high above $73,000 and, more recently, enter into a major decline.
In the last 7 days of trading, Bitcoin is down 12.06% with the last 24 hours being particularly dramatic as they saw the coin drop 7.14% to $63,223, at the time of publication.
In the long term, however, Bitcoin has been doing remarkably well and is 42.86% in the green year-to-date (YTD), and an even more impressive 125.50% in the last 52 weeks.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
